March 2019

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Net sales for the five-week period ended September 13, 2008 increased 3.9% to $32.2 million compared to $31.0 million for the corresponding period last year.

The growth was attributable to new stores opened since the Back-to-School period last year, as well as growth in comparable store sales.

Consolidated comparable store sales growth for the Back-to-School selling period was 1.3%, with comparable store sales growth of 1.1% from the Company's core West 49 banner, compared to the same period last year.

For reference purposes, the Company reported comparable sales increases of 0.6% on a consolidated basis and 2.1% for the West 49 banner for the Back-to-School selling season last year.

"Our strategic focus on offering our customers relevant branded merchandise at prices that are competitive both domestically and across the border resulted in solid growth during what was one of the most challenging Back-to-School retail environments in the history of our Company," said Sam Baio, Chief Executive Officer of West 49 Inc.

"Importantly, sales during the critical two-week period immediately before and after the Labour Day were very strong. In addition, the Back-to-School period saw the continued strengthening of sales results in Ontario.

Based on our success in strengthening our competitive position, as well as in driving the number of units per transaction through our incentive programs, we remain well positioned for the second half of fiscal 2009."

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